Apple’s revenue in India grew nearly 50% to almost $6 billion (₹49,140.07 crore) in the year through March just before the Cupertino giant is set to bolster its retail presence in the country.
What Happened? Per a Bloomberg report, Apple is scheduled to post quarterly earnings on May 4 and has signalled that it expects total global revenue to decline. That said, the iPhone makers’ growing presence and grip in India has served as a positive patch in what has been an otherwise difficult 2023 so far.
CEO Tim Cook is set to arrive in India to inaugurate the company’s first local stores this week. With tech demand slowing globally, Apple is focusing on India's expanding middle class as an attractive opportunity and is adding local production at an increasing rate.
Apple launched its online store in India in 2020 and is set to open doors to its first local store on Tuesday in an upscale business district in Mumbai. Two days later, an outlet in the capital, New Delhi is also set to open.
India’s growing significance: The report notes that during the pandemic, Apple's India sales surged as customers bought iPhones and iPads to work and study from home. Apple's stores also serve as key retail and showcase points for the world's most valuable company, while also often becoming tourist hotspots.
Get all the latest Share Market trends and news to set you up for the week ahead.
The market's significance is also growing, and the company is rapidly expanding its local manufacturing footprint. Apple tripled its production to more than $7 billion (₹57,334.2 crore) of iPhones in India last fiscal year, as part of an effort to reduce its reliance on China.
Only 4% of India’s 700 million smartphone users have iPhones because the Indian market is mostly dominated by cheaper local brands and Chinese/South Korean manufacturers. However, according to researcher Counterpoint, Apple was the top seller of devices priced above $365 last year.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.